Slides
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// 1 Earnings Review and Business Update Q2 / 2026 Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO August 4, 2026
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// 2// 2SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Safe Harbor statement This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward- looking statements. The factors that could cause actual results to differ are discussed herein and in Duke Energy’s SEC filings, available at www.sec.gov. Regulation G disclosure In addition, today's discussion includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available in the Appendix herein and on our Investor Relations website at www.duke-energy.com/investors.
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// 3 // 3SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Safe harbor statement This document includes forward-looking statements within the m eaning of Section 27A of the Securities Act of 1933 and Section 2 1E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to: The ability to impleme nt our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and reducing carbon emissions, while balancing customer reliability and keeping costs as low as possi ble for our customers; State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements and/or uncertainty of applicability or changes to such legislative and regulatory initiatives, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate; The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construc tion costs related to carbon emissions reductions, and costs related to significant weather events, particularly in periods of heightened customer affordability concerns, bill volatility, or public and political scrutiny and to earn an adequate return on investment through rate case proc eedings and the regulatory process; The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; The impact of extraordinary external events, such as a global pandemic, trade wars or military conflict, and their collateral consequences, including the disruption of global s upply chains or the economic activity in our service territories; Costs and effects of legal and administrative proceedings, settlements, investigations and claims; Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipa ted load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electr ification, and use of alternative energy sources, such as self-generation and distributed generation technologies; Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs; Advancements in technolog y, including artificial intelligence; Additional co mpetition in electric and natural gas markets, municipalization and continued industry consolidation; The in fluence of weather and other natural phenomena on operations, fina ncial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, includi ng extreme weather associated with climate change; Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto; The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the United States electric grid or generating resources; Operational interrupti ons to our natural gas distribution and transmission activities; The availability of adequate interstate pipeline transportation capacity and natural gas supply; The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences; The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service provide rs; The timing and extent of changes in commodity prices, including any impact from increased tariffs, export controls and interest rates, and the ability to timely recover such costs through the regulatory process, where appropri ate, and their impact on liquidity positions and the value of underlying assets; The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, incl uding credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation portfolio, and general market and economic conditions; Credit ratings of the Duke Energy Registrants may be different from what is expected; Declines in the market prices of equity and fixed- income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plan s and nuclear decommissioning trust funds; Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules, obtaining sufficient skilled l abor and satisfying operating and environmental performance st andards, as well as the ability to recover costs from customers in a timely manner, or at all; Changes in rules for regional transmission organizations, incl uding changes in rate designs and new and evolving capacity marke ts, and risks related to obligations created by the default of other participants; The ability to control operation and maintenance costs; The level of creditworthiness of counterparties to transactions; The ability to obtain adequate insurance at acceptable costs and recover on claims made; Employee workforce factors, including the potential inability to attract and retain key personnel; The ability of subsidiaries to pay dividends or distribu tions to Duke Energy Corporation holding company (the Parent); The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities; The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC; The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings; The impacts from potential impairments of goodwill or investment carrying values; Asset or business acquisitions and dispositions may not be consummated or yield the anticipated benefits, which could adversely affect our financial condition, credit metrics or ability to execute strategic and capital plans; The (i) failure to realize the anticipated benefits, synergies, and value creation expected from the utility combination by which Duke Energy Progress will merge into Duke Energy Carolinas (the "Combination"), including as a result of difficulties or delays in integrating the contributed assets and operations and/or the incurring of significant costs in connection with the Co mbination; and (ii) the risk that the combined entity may not perform as expected following the consummation of the Combination due to unforeseen liabilities, its level of indebtedness, integration challenges, market condit ions, ratings downgrades, or other factors beyond the control of the parties; and The actions of activist shareholders could disrupt our operations, impact our ab ility to execute on our business strategy, or cause fluctuations in the trading price of our common stock. Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly updat e or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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// 4 // 4SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Financial highlights $1.38 / $1.43 Q2 2026 REPORTED / ADJUSTED EPS $6.55 - $6.80 REAFFIRMING 2026 ADJUSTED EPS GUIDANCE RANGE 5% - 7% REAFFIRMING GROWTH RATE THROUGH 2030(1), WITH CONFIDENCE TO EARN IN TOP HALF OF THE RANGE BEGINNING IN 2028 (1) Based on adjusted EPS; off mi dpoint of 2025 guidance range ($6.30) Distribution, Ohio Distribution, Florida Transmission, Indiana
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// 5 // 5SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE DEC settlement reflects continued constructive regulatory engagement CONSTRUCTIVE COMPREHENSIVE SETTLEMENT IN DEC NC RATE CASE SUPPORTS CRITICAL INVESTMENTS TO SERVE OUR CUSTOMERS Customer rates are expected to remain below the projected national average Customer rates are expected to remain below the projected national average (1) Company will evaluate the potential to delay next base rate case filing until no earlier than Nov. 1, 2028, if permitted to defer costs directly associated with the Commission-approved Person County CC1 and Marshall CTs, from the time each plant is placed in service until such costs can be reflected in new base rates with a full Weighted Average Cost of Capital during the deferral period. Planned investments focus on improving reliability, hardening the grid, modernizing generation and supporting continued growth DEC Comprehensive Settlement reaches agreement on key items: 9.8% ROE, 53% equity capital structure Maintains earnings sharing mechanism of +/- 50 bps, with the ability to earn up to 10.3% $496M total revenue requirement Continuation of multi-year rate plan with earnings sharing mechanism and performance incentive measures Evaluation of one-year rate case stay out (1) Agreement to pursue discussions to reach a substantially similar settlement framework in the DEP rate case DEP hearings are expected to begin on August 11th Settlement agreements are subject to NCUC review and approval; NCUC Orders expected November 2026
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// 6 // 6SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Sustained commitment to customer value and affordability (1) Three Duke Energy projects were selected for grant funding and will now enter negotiations to finalize funding amounts (2) Source: Company annual filings, 2025 FERC Form 1; Data as of YE 2025; Reflects total electric O&M net of power production O& M Delivering $50M of savings in FL in 2027 by accelerating the return of storage tax credits to keep base rates flat in 2027 Approved DEC/DEP combination to provide estimated net customer savings of $2.3B through 2040 Agreement to monetize up to $3.1B of nuclear, solar and storage tax credits; proceeds to be received as tax credits are generated from 2025-2028 Leveraging $96M in awarded DOE grants to support reliability and refurbishment projects at existing plants(1) Pursuing lower cost financing, such as DOE loans that represent potentially billions of dollars of customer savings Driving innovative strategies to reduce costs for customers Customer Protection Plus commitment reinforces our unwavering focus on protecting customers and ensuring that data centers pay their fair share Data centers also provide benefits to existing customers over time as fixed costs are allocated over a larger customer base We are enhancing large load tariffs across our jurisdictions Protecting customers as large loads are integrated Achieving top performance on O&M cost efficiency(2) #3 / 21 Electric Non-Generation O&M / Customer DUK
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// 7 // 7SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Generation expansion program progressing to add ~15 GW of capacity by 2031 Executing “all-of-the-above” strategy, with strategic agreements in place to reduce risk and leverage economies of scale to provide value to customers Executing “all-of-the-above” strategy, with strategic agreements in place to reduce risk and leverage economies of scale to provide value to customers Securing major equipment Added 6 gas turbines secured through GE Vernova partnership agreement, bringing the total to 26 to align with next phase of build in resource plans First GE Vernova turbine for Person County CC delivered in July Progressing regulatory outcomes Resource plans support sustained runway of investment to meet load growth: – Annual Florida Ten-Year Site Plan filed in April – Completed North Carolina hearings for 2025 Carolinas Resource Plan – Filing 2026 Carolinas Resource Plan in South Carolina in mid-August Preparing to file Brunswick Nuclear Plant SLR application by the end of this year Executing on construction timelines 20302029202820272026MWPlantState 2,720Person County CC 1&2NC 850Marshall CT 1&2NC 1,476Cayuga CC 1&2IN 850Buck CT 3&4NC 240Smith CTNC 1,365Anderson County CCSC ~4,500Battery Storage PortfolioNC, SC, FL, IN Active Construction Regulatory Approved CC1 CC2 Brunswick Nuclear Plant, North Carolina CC1 CC2 GEV gas turbine being delivered to Person County site, North Carolina In-Development
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// 8 // 8SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE $1.25 $3.00 $1.43 $3.36 (1) Detailed drivers of adjusted results are available in the Q2 2026 earnings release located on our Investor Relations website SEGMENT RESULTS VS. PRIOR YEAR QUARTER(1) Q2 2026 adjusted EPS summary and primary drivers ADJUSTED EARNINGS PER SHARE(1) REPORTED EARNINGS PER SHARE $1.25 $3.00 $1.38 $3.35 2025 2026 Q2 YTD Q2 YTD Electric Utilities & Infrastructure, +$116M (+$0.15 per share) ▲ Rate cases and riders ▲ Volumes and customer mix ▲ Wholesale ▼ Depreciation ▼ Interest Expense ▼ Weather, -$0.02 Gas Utilities & Infrastructure, +$4M (+$0.00 per share) Other, +$24M (+$0.03 per share) ▲ Interest expense ▲ Market returns
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// 9 // 9SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Converting large load prospects to projects 2026E 2027 - 2030E 1.5% - 2% 3% - 4% ENTERPRISE LOAD GROWTH 2026E 2027 - 2030E ~2% 4% - 5% CAROLINAS LOAD GROWTH Active site evaluations advancing in all service territories; pipeline remains robust Signed Electric Service Agreements (ESAs) demonstrate progression of pipeline, with additional projects moving to advanced stage Contract provisions ensure large load customers pay their fair share, benefiting existing customers over the long term as fixed costs are spread over a larger base Select announced large load project ESAs (1) Compared to 2025 actuals; Residential: 0.5%-1.0%; Commercial & Industrial: 2.0%-2.5% (1) ~7.8 GW Data Center ESAs (+0.2 GW since Q1 call)
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// 10 // 10SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Delivering speed to power for large load customers QTS data center site – York County, SC ~15.4 GW High-confidence, late-stage pipeline includes… ~7.8 GW signed ESAs underpinning accelerating load growth projections, of which… ~5.2 GW of data centers are under construction ~15.4 GW High-confidence, late-stage pipeline includes… ~7.8 GW signed ESAs underpinning accelerating load growth projections, of which… ~5.2 GW of data centers are under construction Microsoft data center site – Catawba County, NC LATE-STAGE PIPELINE DRIVES UPSIDE CAPITAL INVESTMENT OPPORTUNITIES Potential for $5 - $10 billion of additional capital to serve large loads in Indiana and Florida
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// 11 // 11SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE On target for ~14.5% FFO / Debt in 2026 Targeting 15% FFO / Debt over the long term - Represents 200 bps above Moody’s and 300 bps above S&P’s downgrade thresholds Credit Metrics Expect total common equity issuances of $10 billion in 2027-2030 via DRIP/ATM - Priced $600M under ATM YTD, to be settled December 2027 Incremental growth capital above current plan to be funded with 30% - 50% equity Equity to Support Growth Capital Announced increased quarterly dividend payment of $1.085 in July Over 20 consecutive years of dividend increases Targeting 60 - 70% dividend payout ratio (1) Committed to the Dividend 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (1) Based on adjusted EPS Committed to our current credit ratings
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// 12 // 12SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE zzz LONG-TERM EPS GROWTH(4) THROUGH 2030 DIVIDEND YIELD(1) WITH LONG-TERM DIVIDEND GROWTH COMMITMENT(2) CONSTRUCTIVE, GROWING JURISDICTIONS, LOWER-RISK REGULATED INVESTMENTS AND BALANCE SHEET STRENGTH WITH A SUSTAINED FOCUS ON CUSTOMER VALUE 5-7%3.5% ATTRACTIVE RISK-ADJUSTED TOTAL SHAREHOLDER RETURN(3) ~10% A STRONG LONG-TERM RETURN PROPOSITION Our investor value proposition (1) As of July 31, 2026 (2) Subject to approval by the Board of Directors (3) Total shareholder return proposition at a constant P/E ratio; ratio could change based on market conditions (4) Based on adjusted EPS
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// 13 APPENDIX
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// 14 // 14SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Pure play regulated utility operating in constructive, growing jurisdictions (1) Based on 2026-2030 capital plan, subject to regulat ory approval; per HB 951 certain North Carolina capital investments are not eligible for multi-year rate plan including certain large generation investments over $500 million (investments not subject to MYRP recovery are eligible for base rate recovery) Significant economic development from data centers and advanced manufacturing drives long-term growth Carolinas and Florida remain top states for population migration Powering the Southeast and Midwest Transforming our ~320K miles of power lines, the largest transmission & distribution system in the U.S. Upgrading existing infrastructure and building new power generation to support growth Investing in our natural gas local distribution companies $103 billion capital plan (2026 - 2030) The vast majority of electric capital investments(1) are eligible for efficient recovery mechanisms Riders and annual rate mechanisms drive growth in gas utilities Regulatory constructs support timely returns Service Territory Counties Served Duke Energy Indiana Duke Energy Ohio/Kentucky Duke Energy Carolinas/Progress Piedmont Natural Gas Overlapping Territory Duke Energy Florida
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// 15 // 15SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE “All-of-the-above” generation strategy – adding ~15 GW of capacity by 2031 Maximizing our existing fleet through >1 GW of uprates through 2031 Ongoing uprate projects will add capacity to existing gas (~670 MW), nuclear (~250 MW), and hydro (~85 MW) units Gas program construction in full execution Construction underway on ~5 GW of gas generation in the Carolinas and Indiana Critical agreements in place 26 gas turbines secured through GE Vernova partnership agreement First turbine delivery to Person County CC in July EPC contracts signed for first ~5 GW of projects Gas supply contracted for all announced plants Adding solar and storage to diversify generation mix Accelerating battery storage development, with ~4.5 GW of capacity online by 2031 Maintaining optionality for new nuclear development Early site permit submitted for potential SMR at Belews Creek Allen battery energy storage system, North Carolina Future Cayuga CC, Indiana GEV gas turbine being delivered to Person County site, North Carolina
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// 16 // 16SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Advancing >7.5 GW of new gas generation across our jurisdictions In service (year-end) Construction Started EPC Contract Signed Turbine(s) secured? CPCN StatusMWTypePlantState 2028approved1,360CCPerson County CC1NC 2028approved850CT (x2)Marshall CT 1&2NC 2029approved1,360CCPerson County CC2NC 2029 / 2030approved1,476CC (x2)Cayuga CC 1&2IN 2029requested850CT (x2)Buck CT 3&4NC 2029requested240CTSmith CTNC 2030approved1,365CCAnderson County CC(1)SC 7,501TOTAL Sited new gas generation: (1) SC filing is a Certificate of Environmental Compatibility and Public Convenience and Necessity (CECPCN) Future Cayuga CC, Indiana Construction underway at future Person County CCs 1&2 Construction underway at future Marshall CTs 1&2
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// 17 // 17SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Forecasted rate case, ~5% RECOVERY MECHANISMS FOR ELECTRIC CAPEX(1) The vast majority of electric segment capital investments are eligible for modern recovery mechanisms, mitigating regulatory lag Includes recovery through riders, rate cases with forecasted test years, and multi-year rate plans Majority of wholesale contracts are recovered through formula rate contracts Residential decoupling mechanisms reduce volumetric margin exposure – accounts for ~20% of total retail volumes KYOH(3)IN(2)FLSCNCRecovery Mechanisms Multi-year rate plan Forecasted rate case Grid modernization rider Renewables rider Environmental rider Residential decoupling Rate stabilization mechanism Multi-year rate plan ~60%(4) Rider ~10% Rate stabilization mechanism, ~15% Wholesale, ~10% Electric utilities & infrastructure modern recovery mechanisms (1) Based on 2026-2030 capital plan, subject to regulatory approval; certain North Carolina capital investments are not eligible for multi-year rate plan including certain large generation investments over $500 million (investments not subject to MYRP recovery are eligible for base rate recovery) (2) HEA 1002 establishes MYRP framework for future Duke Energy Indiana filing (3) Duke Energy Ohio’s current Electric Security Plan runs th rough May 2028. Per HB 15, MYRPs are available as of August 2025. Rider DCI (distribution capital investment) is approved through May 2028, and Rider DDR (residential decoupling) will expire at the end of 2026 subject to final reconciliation. (4) Excludes MYRP Recovery mechanism granted under recent Indiana legislation
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// 18 // 18SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Advancing Carolinas energy transition CAROLINAS RESOURCE PLAN FILED IN NORTH CAROLINA OCTOBER 2025 5 CC units (6,825 MW); 7 CT units (2,825 MW) by 2033 5,600 MW of battery storage in-service by 2034 4,000 MW of new solar in- service by 2034 Maintaining optionality for new nuclear to be online by 2037 NEAR-TERM ACTION PLAN HIGHLIGHTS Dual-state integrated resource plan emphasizes reliability and affordability to support economic growth within the Carolinas Economic development continues to drive forecasted load growth, with 2035 energy demand +7% higher than the prior plan The plan supports our “all of the above” resource mix, including natural gas, battery storage, and solar The estimated customer bill impact CAGR of 2.1% over the next decade is lower than the rate of inflation and significantly less than the previously approved plan The plan reflects stakeholder feedback gathered through rigorous stakeholder engagement process South Carolina (IRP Update)North Carolina Filed: November 2025 Final order accepting IRP Update received May 2026 Filed: October 2025 Hearing: June 2026 Order Expected: by year-end 2026
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// 19 // 19SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Key contract provisions can include: Note: Detailed contract provisions may vary across service territories Contract structures support two key goals: Long-Term Contract Interruptibility Provision Refundable Capital Advance Termination Damages Credit Support Minimum Billing Demand Protect existing customers Establish greater certainty for planning Large load contract structures protect existing customer base
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// 20 // 20SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE KEY DRIVERSSTATUSDOCKET NO. Settlement Terms: $496 million retail revenue increase, stepped in over two-year MYRP ($286 million in year 1; $210 million in year 2) 9.8% ROE, 53% equity cap. structure Continuation of MYRP framework and 50bps Earnings Sharing Mechanism band Application filed Nov. 20, 2025 Filed Comprehensive Settlement with Public Staff and other intervenors Jul. 17, 2026 Order expected by mid-Nov. 2026 Requested rates effective by Jan. 1, 2027 E-7 Sub 1329 DUKE ENERGY CAROLINAS North Carolina MYRP Requested: $610 million retail revenue increase, stepped in over two-year MYRP ($429 million in year 1; $181 million in year 2) (1) 10.48% ROE, 53% equity cap. structure Application filed Nov. 20, 2025 Filed rebuttal testimony Jul. 24, 2026 Evidentiary hearing scheduled Aug. 11, 2026 Order expected by mid-Nov. 2026 Requested rates effective by Jan. 1, 2027 E-2 Sub 1380 DUKE ENERGY PROGRESS North Carolina MYRP Requested: $90 million retail revenue increase 10.5% ROE, 52.66% equity cap. structure Application filed Mar. 30, 2026 Evidentiary hearing expected Jan. 2027 Requested rates effective by May 2027 26-0132-EL-AIR DUKE ENERGY OHIO Electric Rate Case Requested: $16 million net retail revenue increase 10.8% ROE, 55.09% equity cap. structure Application filed Apr. 1, 2026 Evidentiary hearing scheduled for Aug. 2026 Requested rates effective by Oct. 2026 2026-61-G PIEDMONT South Carolina Rate Case Requested: $102 million retail revenue increase 10.5% ROE, 53.14% equity cap. structure Application filed Jun. 29, 2026 Evidentiary hearing expected Q2 2027 Requested rates effective by Aug. 2027 26-0635-GA-AIR DUKE ENERGY OHIO Gas Rate Case Regulatory activity details – electric and gas rate cases (1) Based on rebuttal testimony filing (7/24/2026)
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// 21 // 21SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Key 2026 adjusted earnings guidance assumptions(1) 2026 YTD (thru 6/30/2026) Original 2026 Assumptions($ in millions) Adjusted segment income/(expense)(2): $2,714$5,650Electric Utilities & Infrastructure $371$570Gas Utilities & Infrastructure ($467)($1,020)Other $2,618$5,200Duke Energy Consolidated Additional consolidated information: 11.5%10-12%Adjusted effective tax rate $8,463$17,750Capital expenditures(3) ~779 million~779 millionWeighted-average shares outstanding – basic (1) Full-year amounts for 2026 are as disclosed on Feb. 10, 2026 (2) Adjusted net income for 2026 assumptions is based upon t he midpoint of the adjusted EPS guidance range of $6.55 to $6.80 (3) Includes debt AFUDC and capitalized interest. Includes c oal ash closure spend included in operating cash flows
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// 22 // 22SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Duke Energy Ohio/KY Duke Energy Indiana Duke Energy Florida Duke Energy Progress Duke Energy Carolinas2Q 2025 (8%)408(12%)430----(52%)83(39%)127Heating degree days / Variance from normal 2%3442%35218%1,26134%75419%596Cooling degree days / Variance from normal Duke Energy Ohio/KY Duke Energy Indiana Duke Energy Florida Duke Energy Progress Duke Energy Carolinas2Q 2026 (33%)298(30%)348----(28%)122(31%)142Heating degree days / Variance from normal 1%340--34317%1,23719%67815%581Cooling degree days / Variance from normal 20252026Weather segment income to normal: EPS impact favorable / (unfavorable) Weighted avg. shares Pretax impact EPS impact favorable / (unfavorable) Weighted avg. shares Pretax impact --777$3$0.04778$37First Quarter $0.08777$87$0.06779$60Second Quarter $0.04778$39Third Quarter ($0.02)778($18)Fourth Quarter $0.10777$111$0.10779$97Year-to-Date(1) Electric utilities quarterly weather impacts (1) Year-to-date amounts may not foot due to differences in we ighted-average shares outstanding and/or rounding. Weather impact is shown net of decoupling
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// 23 // 23SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE Full-year EPS ImpactDriver +/- $0.731% change in earned return on equity Electric Utilities & Infrastructure +/- $0.07$1 billion change in rate base +/- $0.13 (1)(2) 1% change in Electric Utilities volumes Industrial +/- $0.02(2) Commercial +/- $0.06(2) Residential +/- $0.05(1)(2) +/- $0.041% change in NC residential customers +/- $0.111% change in earned return on equity Gas Utilities & Infrastructure +/- $0.01$200 million change in rate base +/- $0.021% change in number of new customers +/- $0.101% change in interest rates (3)Consolidated Key 2026 earnings sensitivities Note: EPS amounts based on forecasted 2026 basic share count of ~779 million shares (1) Assumes 1% change across all customer classes; EPS impact for the industrial class is lower due to lower margins; NC Residential excluded from analysis (2) Margin sensitivities are mitigated by the fixed component portion of bills, resulting in lower impacts to earnings than depicted. (3) Based on average variable-rate debt outstanding throughout the year and new issuances; excludes impact of hedging activity
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// 24 // 24SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE 1.8% 1.2% 0.0% 1.3% 1.4% 1.2% 0.2% 0.1% 0.5% 1.2% 0.5% 0.4% 0.8% 0.6% 0.3% 1.2% 0.7% 0.7% Weather normalized volume trends, by electric jurisdiction Rolling Twelve Months, as of June 30, 2026 Total RetailResidential Commercial & Industrial Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Indiana Duke Energy Ohio/Kentucky Electric Utilities
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// 25 // 25SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE 2026 Maturities(2)Rate(1)TermDate IssuedSecurityNotional Pre- Issuance Hedges Estimated / Actual AmountIssuer $5,225 (Mar., Apr., & Sep.) 3.00% (3) 3-yearMarch 2026Convertible Debt$1,500 Holding Company $875$2,300 - $2,700 $600 (Dec.) 4.65% 5.15% 5.75% 5-year 10-year 30-year June 2026Senior Debt$1,150$2,400DE Carolinas $650$1,000 - $1,400DE Progress Floating50-yearMarch 2026Senior Debt$275 DE Florida $350$350 - $550 4.95%10-yearMarch 2026Senior Debt$200$500DE Indiana $45 (Jan.)$100 - $200DE Kentucky $490 (Mar. & Oct.)-Piedmont (4) $6,360$3,225$8,425 - $9,525Total Debt (1) Excludes the impact of pre-issuance interest rate hedges (2) Excludes amortization of noncash purchase accounting adjustments and securitization bonds (3) Convertible notes priced with a 22.5% conversion premium to Du ke’s closing stock price on March 9, 2026, of $131.08; Proceeds were used to partially repay existing $1.7B, 4.125%, convertible debt maturing on April 15 (4) Proceeds from Tennessee LDC sale to repay maturities in 2026 2026 Financing plan
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// 26 // 26SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE ($ in millions) (1) Duke Energy's master credit facility supports Tax-Exem pt Bonds, LOCs and the Duke Energy CP program of $8 billion (2) Includes permanent layer of commercial paper of $625 million, which is classified as long-term debt Total Piedmont Natural Gas Duke Energy Kentucky Duke Energy Ohio Duke Energy Indiana Duke Energy Florida Duke Energy Progress Duke Energy Carolinas Duke Energy $ 10,000$ 800$ 250$ 825$ 750$ 800$ 1,775$ 1,650$ 3,150Master Credit Facility (1) (1,900)(44)(36)-(150)(31)(279)(300)(1,060)Less: Notes payable and commercial paper (2) (7)-----(1)(4)(2)Outstanding letters of credit (LOCs) (81)---(81)--- -Tax-exempt bonds $ 8,012$ 756$ 214$ 825$ 519$ 769$ 1,495$ 1,346$ 2,088Available capacity 476Cash & short-term investments $ 8,488Total available liquidity Liquidity summary (as of June 30, 2026)
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// 27 UPCOMING EVENTS & OTHER
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// 28 // 28SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE DateEvent November 5, 20263Q 2026 earnings call (tentative) Upcoming events
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// 29 // 29SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE MIKE SWITZER, VICE PRESIDENT INVESTOR RELATIONS AND CORPORATE DEVELOPMENT Mike.Switzer@duke-energy.com (704) 382-6473 PAIGE SWOFFORD, DIRECTOR INVESTOR RELATIONS Paige.Swofford@duke-energy.com (980) 373-4233 DANIEL STEWART, MANAGER INVESTOR RELATIONS Daniel.Stewart@duke-energy.com (980) 373-6785 Investor relations contact information
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// 30 HEADLINE GOES HERE // 30SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE For additional information on Duke Energy, please visit: duke-energy.com/investors